Morgan Stanley and Bank of America Merrill Lynch are marketing $1.5 billion of commercial mortgage-backed securities.
MSBAM 2013-C10 certificates represent the beneficial interests in a pool of 75 commercial mortgage loans secured by 87 properties.
Morgan Stanley, Merrill Lynch, and CIBC World Markets Corp. are the underwriters.
Midland Loan Services, a division of PNC Bank, will be the master servicer and special servicer on the deal.
The transaction is structured with super-senior A classes rated AAA by Fitch Ratings and Kroll Bond Rating Agency that benefits from 30% credit enhancement, and a subordinate class A-S class also rated AAA, that benefits from 22.5% credit enhancement.
It also has a floating-rate AAA rated A-3FL class; an AA-rated B class; an A-rated C class; an A-rated PST class; and privately-placed D, E, F, G, H, and J classes rated BBB, BBB, BB, B, and not rated, respectively.
The class A-S, class B, and class C certificates can be exchanged for the class PST certificates and the class PST certificates can be exchanged for the class A-S, class B, and class C certificates. The initial certificate balance of the class PST certificates is equal to the aggregate of the initial certificate balances of the class A-S, class B, and class C certificates and thus the maximum amount that could be issued in an exchange, according to Fitch in a presale report.
In its presale report, KBRA said all of the loans were originated by three mortgage loan sellers: Morgan Stanley Mortgage Capital Holdings (64.1%), Bank of America, NA (20.1%) and CIBC, Inc. (15.8%).
The properties in the collateral pool are located in 25 different states and the District of Columbia, with three states each representing more than 10.0% of the pool balance, Florida (13.9%), New York (12.1%) and California (11.4%). There are three main
